Preliminary Analysis of National Foreclosure Mitigation Counseling Program Effects

Preliminary Analysis of National Foreclosure Mitigation Counseling Program Effects

September 2010 Update

Abstract

The National Foreclosure Mitigation Counseling (NFMC) program is a special federal appropriation, administered by NeighborWorks(R) America, to support a rapid expansion of foreclosure intervention counseling in response to the nationwide foreclosure crisis. This report updates preliminary analyses measuring the effect of the NFMC program on counseled homeowners. Overall, our analysis suggests that the program is having its intended effect of helping homeowners facing loss of their homes through foreclosure, specifically by increasing the likelihood of foreclosure cures, lowering borrowers monthly mortgage payments, and improving the sustainability of loan modifications that cure serious delinquencies and foreclosures.

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